Having trouble managing your properties? Tale as as old as time. Property management is hard work and you simply can’t afford for anything to fall through the cracks. Not sure if you’re ready to hire a property management company? There’s no one sign telling you when the time is right, it could be a number of things:
Are you able to make scheduled visits to your property?
Whether you’re giving tours, turning apartments, or just checking on your site, being available is important. And a hassle.
Constantly stressed by unpredictable problems? Do simple tasks seem impossible?
Property management is a full-time job that doesn’t stop after hours. When an emergency arises, you can’t ignore it. You have an obligation to your tenants and are essentially on-call everyday.
Even the smallest tasks have the potential to erupt into chaos. You might be collecting rent in-person, diffusing issues between neighbors, breaking up parties, or cleaning up trashed apartments. A building full of strangers can create unimaginable situations and small issues can snowball into critical lawsuits if not handled property.
Not sure how to handle maintenance issues?
Unreliable or expensive handymen can create more problems than you started with. It doesn’t matter if your building is new or old, maintenance is a significant component to land-lording and tenants expect it to be handled quickly and efficiently.
Wasting time and money on inefficient advertising?
Occupancy issues can spiral out of control for you and your wallet. Have you found yourself dancing in front of your building hoping to engage the Tik Tok crowd? Marketing strategies are constantly evolving and it’s hard to stay on top of everything. Even basic tasks, like answering calls and showing units, can quickly consume you.
Unsure of which listings sites actually work? Property management companies have done the testing for you. Larger property management companies may receive discounts that aren’t available for small, private landlords. Subsequently giving you access to listing sites you may not have previously considered.
Are you getting bad reviews?
Building your online presence on Google, Yelp, and social media can be time-consuming and intimidating, but is crucial to the validity of your investment.
Managing your online reputation through positive and negative reviews is increasingly important. Knowing what to say and not to say to angry residents on a public forum can be a thin line, leading to greater disaster when handled poorly.
Having trouble getting residents to renew?
Property management companies have extensive tools and experience to determine the best way to attract and retain quality residents. Convenient services, professional amenities, and pinpointing why residents may be leaving can all help increase resident retention.
Many property management companies offer extensive technological advantages allowing residents to pay rent, submit maintenance requests, and chat with their neighbors online.
Don’t want to give up the reigns?
Hiring a property management company doesn’t mean giving up your building or losing all your hard-earned work; it can be freeing. Releasing you from this 24/7/365 burden allows you to spread your wings, while keeping your prized property thriving in your pocket.
Property management companies can provide detailed reports on how your property is doing. These reports can be extremely thorough and informative, giving you insight into every aspect of your investment.
Maybe you don’t live nearby. Are you struggling with occupancy or tired of legal battles? Do you just want to focus on other things? Whatever the reason, it may be time for a change.
Surrounding yourself with a property management team will arm you with greater knowledge and ability, letting you enjoy life without the constant tenant obligation.
Not sure where to start on your search to hire a property management company? Check out our post on Selecting a Property Management Team.